Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,324 shares of the semiconductor company’s stock after purchasing an additional 548 shares during the period. Atria Wealth Solutions Inc.’s holdings in Microchip Technology were worth $1,585,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MCHP. Norges Bank acquired a new position in Microchip Technology during the 4th quarter valued at about $672,196,000. Clearbridge Investments LLC increased its stake in shares of Microchip Technology by 18,944.8% during the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after acquiring an additional 1,962,685 shares during the period. Vanguard Group Inc. raised its holdings in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares in the last quarter. Truist Financial Corp lifted its position in Microchip Technology by 324.0% in the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after purchasing an additional 1,386,924 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after purchasing an additional 1,114,962 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Jefferies Financial Group started coverage on Microchip Technology in a report on Monday, May 13th. They issued a “buy” rating and a $115.00 price objective for the company. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and increased their target price for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Finally, Truist Financial decreased their price target on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.95.

Insiders Place Their Bets

In related news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 2.07% of the company’s stock.

Microchip Technology Trading Down 3.7 %

NASDAQ:MCHP opened at $79.78 on Friday. The stock’s 50-day moving average is $86.92 and its two-hundred day moving average is $88.50. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The stock has a market cap of $42.80 billion, a PE ratio of 22.99 and a beta of 1.54. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.56 EPS. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be paid a $0.454 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.28%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 52.16%.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.